HDFC Bank made loans expensive, your EMI on loan will increase, know the new rates

HDFC Bank: Now the loans of the bank are going to be more expensive for the customers taking loan from HDFC Bank. HDFC Bank has increased the interest rates on all its tenure loans. This has happened because HDFC Bank has increased its loan rates based on the Marginal Cost of Lending Rate (MCLR). These have become effective from 7th November i.e. yesterday and after that the EMI of the borrowers from the bank has increased.

How much did the bank increase
According to the HDFC Bank website, the bank has increased the MCLR from 7.90 percent to 8.20 percent on loans with one night tenor. At the same time, the MCLR on the loan of one month has been reduced to 8.25 percent. Apart from this, MCLR has been increased from 8.30 per cent to 8.40 per cent on loans of 3 to 6 months.

Know also the interest rates of one year to three year loan
HDFC Bank has increased the MCLR on loans with one year tenure to 8.55 percent. At the same time, MCLR will now be 8.65 percent on the tenure of 2 years, which was 8.30 percent earlier. The bank has increased the MCLR rate from 8.40 percent to 8.75 percent on loans with tenure of 3 years.

Why bank loans will be expensive due to increase in MCLR
Loan interest rates of most banks are fixed on the basis of one year MCLR and due to this increase all the loans of banks which include home loan, car loan, personal loan are expensive.

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Many other banks have also increased MCLR
Let us tell you that before HDFC Bank, Axis Bank has also increased its MCLR in October. Before Axis Bank, Kotak Mahindra Bank and Federal Bank had also decided to increase their MCLR in October. After this hike, customers will have to pay higher interest rate for loans like home loan, car loan, personal loan. After the increase in MCLR i.e. Marginal Cost of Lending Rates, it has a direct impact on the interest rates offered to the customer. According to MCLR, the interest rates of the loan are decided by the bank.

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